Monday, July 28, 2008
Taro rejection of Sun Pharma bid
Taro Pharmaceutical Industries Ltd., Haifa, Israel, drugmaker, estimated that second-quarter net income rose 73% on 13% higher revenue, and it reiterated its rejection of Sun Pharmaceutical Industries Ltd.'s $7.75-a-share tender offer for the company. In a letter to shareholders released on Monday, Taro estimated net at $13 million against $7.5 million in the year-earlier quarter. It pegged sales at $88.1 million, compared with $78 million. The estimates are based on the best currently available data, Taro said, since it's still working with its auditors to complete its financial statements for 2006 and 2007. The 2006 review must answer "questions concerning estimates of accruals for sales returns, chargebacks, rebates, and administrative items recorded in 2005 and prior years," Taro said. And the company noted that its stock is near its 52-week high and is trading above Sun's offer price. The company said it awaits a ruling by a court in Tel Aviv on its claim that the Indian company's tender offer is illegal under Israeli law.
ICRA, a leading credit rating agency and ING Vysya Bank signed a Memorandum of Understanding (MoU) under which ICRA will assign bank loan ratings to the Bank`s borrowers under the standardized approach of RBI`s new capital adequacy framework for Basel-II.
India has signed an agreement along with seven other countries US to carry out lunar exploration
Ansal Properties & Infrastucture a leading real estate developer has received a formal approval from the Department of Commerce (SEZs). Goverment of India to develop an Engineering-based Special Economic zone (SEZ). The SEZ, spread over 250 acres, is coming up on the Amritsar-New Delhi Grand Trunk Road. A separate subsidiary Ansal Kamdhenu Engineering SEZ has been set up especially for the project.
The Steel Authority of India (SAIL) plans to set up a steel processing unit at a cost of Rs 2.5 billion at Guddha in Rajasthan`s Jhunjhunu district,
Shreyas Shipping & Logistics has sold its vessel `MV OEL Strength` for consideration of USD 7.675 million on Jul. 28, 2008.
BSNL is planning a new strategy to fortune its CDMA-based mobile connections along with handsets.
Patni Computer Systems today announced the launch of its first Green IT-BPO knowledge centre.
Ranbaxy Pharmaceuticals, a wholly owned subsidiary of Ranbaxy Laboratories, India, on July 28, 2008 announced that under an agreement with AstraZeneca Pharmaceuticals it has launched an authorized generic of Omeprazole 40 mg Capsules in the United States.
Emmsons International has signed a shareholders agreement for the joint venture in mining and marketing of coal with ETA Star International LLC, Dubai. The agreement is for setting up three joint venture companies.
Nucleus Software Exports, a leading global provider of integrated software products for banks and financial institutions, on July 28, 2008 announced that it has secured a landmark deal with Prudential Finance consumer finance business in Vietnam. This marks Nucleus Software`s entry into Vietnam.
Great Offshore bagged a Rs 2.34 billion engineering services contract from ONGC. The contract is scheduled to be completed by middle of 2010.
NTPC plans to enter into nuclear power generation by setting up a 2,000 megawatt (mw) project,
Bharat Electronics (BEL) is planning to enter into solar energy space through a tie-up with Bharat Heavy Electricals (BHEL),
Reliance Infrastructure is planning to set up a Rs 120 billion power equipment plant in a joint venture with Chinese firm Shanghai Electric Corporation,
India has signed an agreement along with seven other countries US to carry out lunar exploration
Ansal Properties & Infrastucture a leading real estate developer has received a formal approval from the Department of Commerce (SEZs). Goverment of India to develop an Engineering-based Special Economic zone (SEZ). The SEZ, spread over 250 acres, is coming up on the Amritsar-New Delhi Grand Trunk Road. A separate subsidiary Ansal Kamdhenu Engineering SEZ has been set up especially for the project.
The Steel Authority of India (SAIL) plans to set up a steel processing unit at a cost of Rs 2.5 billion at Guddha in Rajasthan`s Jhunjhunu district,
Shreyas Shipping & Logistics has sold its vessel `MV OEL Strength` for consideration of USD 7.675 million on Jul. 28, 2008.
BSNL is planning a new strategy to fortune its CDMA-based mobile connections along with handsets.
Patni Computer Systems today announced the launch of its first Green IT-BPO knowledge centre.
Ranbaxy Pharmaceuticals, a wholly owned subsidiary of Ranbaxy Laboratories, India, on July 28, 2008 announced that under an agreement with AstraZeneca Pharmaceuticals it has launched an authorized generic of Omeprazole 40 mg Capsules in the United States.
Emmsons International has signed a shareholders agreement for the joint venture in mining and marketing of coal with ETA Star International LLC, Dubai. The agreement is for setting up three joint venture companies.
Nucleus Software Exports, a leading global provider of integrated software products for banks and financial institutions, on July 28, 2008 announced that it has secured a landmark deal with Prudential Finance consumer finance business in Vietnam. This marks Nucleus Software`s entry into Vietnam.
Great Offshore bagged a Rs 2.34 billion engineering services contract from ONGC. The contract is scheduled to be completed by middle of 2010.
NTPC plans to enter into nuclear power generation by setting up a 2,000 megawatt (mw) project,
Bharat Electronics (BEL) is planning to enter into solar energy space through a tie-up with Bharat Heavy Electricals (BHEL),
Reliance Infrastructure is planning to set up a Rs 120 billion power equipment plant in a joint venture with Chinese firm Shanghai Electric Corporation,
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